Germany Interested in Expanding Investment and Energy Cooperation with Bangladesh

Commerce Minister Khandaker Abdul Muqtadir has said that Germany has expressed strong interest in expanding investment and energy cooperation with Bangladesh.

The issue was discussed during a meeting between the Commerce Minister and Frank Hartmann, Director-General for Asia and the Pacific at Germany's Federal Foreign Office, held at the minister's office in the Secretariat on Wednesday.

During the meeting, both sides held detailed discussions on various aspects of the existing trade relationship between Bangladesh and Germany. They also expressed interest in broadening cooperation in energy transition, green technology, industrialization, and infrastructure development.

The Commerce Minister noted that the export sector, particularly the ready-made garment industry, remains one of the key drivers of Bangladesh's economy. However, he said that generating employment opportunities rapidly and increasing productive investment are among the country's major challenges.

He pointed out that a large number of young people enter the labor market every year, making new industrialization and expanded investment increasingly important. To address these challenges, the government is implementing a range of reforms aimed at creating a more investment-friendly business environment.

Muqtadir said efforts are underway to reduce bureaucratic delays and simplify licensing and approval procedures for businesses. The government is also taking initiatives to enhance energy supply, improve infrastructure, and strengthen strategic energy storage capacity.

Highlighting the government's commitment to renewable energy, he said Bangladesh is implementing plans to develop 10,000 megawatts of solar power generation capacity. The country welcomes foreign investment and technological cooperation in the renewable energy sector, he added.

Frank Hartmann praised Bangladesh's economic progress and ongoing reform initiatives.

He said that diversification of energy sources, expansion of renewable energy, and development of modern infrastructure would provide a strong foundation for sustainable long-term growth. In this regard, both the German government and the country's private sector are interested in supporting Bangladesh's development efforts.

Hartmann also noted that there is significant potential to expand economic cooperation between Bangladesh and the European Union. He said discussions are ongoing regarding GSP+ trade preferences and a possible Free Trade Agreement (FTA) to ensure continued trade benefits for Bangladesh after its graduation from the Least Developed Country (LDC) category.

German Ambassador to Bangladesh Rüdiger Lotz and senior officials from the Ministry of Commerce were also present at the meeting.